The start-up ecosystem in October-November 2025 shows a certain vitality, but also signs of maturation and selection: not only new companies are being created, but there are also significant developments in business models.
An important announcement has come from the European Commission, which intends to propose a single regime for start-ups in Europe in 2026, the so-called 28th regime, which would replace the many national systems we have written about extensively. The aim is to make it easier for European start-ups to grow and operate in multiple EU countries, rather than finding it easier to expand to other continents. This is a sign that institutions see start-ups as a strategic asset, not only for innovation but also for economic impact and technological sovereignty.
In India, according to the co-founders of the financial company Zerodha, brothers Nithin and Nikhil Kamath, venture capital firms are shifting their focus towards deep tech start-ups, i.e. those with more complex technology and greater barriers, a sign that the ecosystem is maturing. At the same time, another study shows that startups operating in the field of biodiversity raise less capital on average than ‘standard’ startups, but attract a wider range of investors (including impact investors).
These two elements suggest: a) meno “effetto moda” e più selezione su qualità / scala; b) crescente diversificazione dei modelli di startup, non solo software, ma tecnologia applicata a ecosistema, ambiente . In India, the state of Uttar Pradesh is reported to be a new hub for start-ups: over 17,000 initiatives, eight unicorns, numerous incubators and centres of excellence. In Morocco, a significant operation: ORA Technologies acquired Cathedis in one of the first local mergers and acquisitions financed entirely with local capital. This represents a sign of maturity for emerging ecosystems: not only foreign fundraising, but local growth and consolidation. In India, Ratan Tata Innovation Hub (RTIH) has launched a six-week pre-incubation programme for innovators in the Andhra Pradesh region, with the aim of helping innovators move from idea to prototype and first customers. In the media/advertising sector, the Coalition for Innovative Media Measurement (CIMM) has launched two initiatives: a start-up programme and an innovation showcase, to help start-ups connect with established companies in the TV/video advertising sector.
These initiatives show that it is not just a question of capital in terms of quantity, but also of structured support, mentorship and networking. Start-ups today cannot rely solely on a good idea: technology, depth and scale are also expected. . Investors want ‘deep’ rather than ‘lite’. If you operate in Europe or want to scale up in Europe, you should consider how future EU regulation could help you (or make you wary of change). Emerging ecosystems such as India and Africa offer opportunities: less global competition, but also different business models. Consolidation is coming into play: start-ups that acquire or consolidate with others can become national or regional players, not just young companies. Start-ups that respond to environmental and social challenges (biodiversity, environment, agritech) have a different investment profile: they may raise less capital immediately, but they attract a mix of impact and institutional investors. (photo by Desola Lanre-Ologun on Unsplash)
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